INFORMATION SOURCES RANKED

DIRECT COMPANY INFORMATION

IF YOU BUILD IT, THEY WILL COME.

Information direct from companies has been the preferred information source since tracking began

HIGHLIGHTS“The investment community has access to more information sources than ever before,” said Brunswick Group Partner Jason Golz. “While digital media remains influential, investors and analysts continue to place the most value on information provided by companies themselves. It means companies control the information source that has the most influence on investment decisions and recommendations. At the same time, however, it appears investor relations officers are missing an opportunity to streamline investor communications using social media channels that require little additional effort in their jobs.”

“Based on our research over the last six years, when investor relations departments leverage digital and social media channels, investors and analysts use them. Many on Wall Street closely monitor these sources to track news, brainstorm new ideas and add pieces to their investment mosaic,” Golz said. “Our findings imply investors are waiting for more digital and social content from IR departments.”

About 76% of respondents cited direct company information as the source that most influences their investment decisions and recommendations.

But digital and social media also continues to play a role, with 77% of the survey group reporting that they have been prompted to investigate an issue based on information viewed on these sources.

64% of investors and analysts think that the role of digital media and social media will continue to increase, creating an opportunity for IR departments to push content through these channels.

Blogs remain an important source of investing ideas, with 59% of investors and analysts agreeing that they have investigated an issue based on a blog post, up from 47% in 2009.

77%

59%

76%

64%

Of digital media, blogs and presentation sharing cited as most influential

Influence of information direct from companies continues to increase

Brunswick Group releases findings of its fifth global investor survey

Most Influential Sources 2009 Rank 2015 Rank Change in Rank

Information direct from companies 1 1

Real time subscription information services 3 2

Analyst research 4 3

Primary market research 2 4

Traditional business media (print & online) 5 5

Digital media 6 6 1 = Most Influential6 = Least Influential

Jason GolzPartner, Brunswick GroupSan Francisco, CA1-415-671-7676jgolz@brunswickgroup.com

June 8, 2015

Sparky ZivinDirector, Brunswick InsightWashington, DC1-202-393-7337szivin@brunswickgroup.com

77% of the survey group reported that they have been prompted to investigate an issue based on information viewed on digital and social media.

Sentiment has grown slowly over time as investors and analysts patiently wait for IR departments to push interesting, new content through digital and social channels.

DIGITAL AND SOCIAL MEDIA

41%

WILL DIGITAL MEDIA’S ROLE INCREASE?

PROMPTED TO MAKE AN INVESTMENT DECISION77% PROMPTED TO

INVESTIGATE AN ISSUE

2009

No, definitely notNo, probably notUnsureYes, probablyYes, definitely

Blogs

Presentation sharing

Presentation sharing

Microblogs Microblogs

Social networks

Social networks

Video Video

Message boards

Message boards

29%

33%

59%

17%

28% 13%

26% 9%

23% 9%

23% 7%

Blogs

7%

29%

6%

41%

17%

58%

5%

24%

8%

47%

17%

2015

64%

Blogs remain an important source of investing ideas, with 59% of the investors and analysts agreeing that they had been prompted to take action based on a blog post, up from 47% in 2009.

BLOGS

PROMPTED TO INVESTIGATE AN ISSUE

PROMPTED TO MAKE AN INVESTMENT DECISION

NORTH AMERICA EUROPE ASIA

PROMPTED TO MAKE AN INVESTMENT DECISION

60%

50%

40%

30%

20%

10%

0%2009 2010 2012 2014

25%

30%

20%

15%

10%

5%

0%2009 2014 20152015 2010 2012

35%

30%

25%

20%

15%

10%

5%

0%2012 2012 20122015 2015 20152014 2014 2014

KEY

BlogsMicro-blogging servicesMessage boards

Social networking sitesPresentation sharing Video

The number of respondents to the annual survey reached an all-time high of 622 participants. Of the survey group, 53% were on the buy side, and 47% on the sell side. There was a 40/40/20 distribution among respondents in the U.S., Europe and Asia, respectively. The survey group included a wide range of industries with the largest portion at 36% consisting of generalists. Market cap representation was diversified, with large, mid and small cap companies consisting of 27%, 23% and 13% of respondents, respectively. This is the fifth edition of the survey, which was previously conducted in 2009, 2010, 2012 and 2014.

35%

30%

25%

20%

15%

10%

5%

0%

35%

30%

25%

20%

15%

10%

5%

0%